GRBK - Why Shares of Green Brick Partners Are Up Today
Shares of the homebuilder and development company Green Brick Partners (NASDAQ: GRBK) rose as much as 13% today after one of its major shareholders released bullish comments about the stock.
David Einhorn, president and founder of Greenlight Capital, is one of Green Brick's largest shareholders, owning 34.4% of the company's outstanding common shares.
In Greenlight's Q3 letter to investors, Einhorn noted that while shares of Green Brick fell nearly 10% in Q3, he couldn't really explain why. In the second quarter, Einhorn noted that the company significantly grew earnings year over year and easily beat consensus estimates, generating a 30% return on equity.
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Why Shares of Green Brick Partners Are Up Today